While the person taking up the policy has only one life to bet on, his insurer is playing the same game with millions of other people like him. Since the insurer¡¦s risk is spread, he can offer huge odds. Moreover, the insurer invests the premium he receives each year, and has employees (called Actuaries or Actuarial Officers) who calculate the odds on each policy based on mortality rates, the mortality experience of the insurer, and the return on investment which the insurer is likely to get. These in essence, form the framework of determining the premia paid by policy holders, and the returns expected from the policies.

It is the Life Advisors of each company who are responsible for creating the relation between the insurer and the policy holder. He meets with the prospective policy holder, and in conjunction with him,

Over the past three years, with the opening up of the sector, insurance distribution in India has dramatically changed from what it was in the past when the agent was the sole distribution channel. Currently, intermediaries such as brokerages, corporate agents, bancassurance, and broad ¡V based markets are complementing the agency channel. The tied agent concept still continues to be popular with the private players but the distribution of insurance products through the corporate agency channel, bancassurance and brokers is taking deep roots which have seen success in the Indian market. The 100 hours mandatory training that has been prescribed by IRDA for all the channels of distribution has added to the professionalization of insurance ¡V selling in India. There have been a number of bancassurance tie ¡V ups in India, but the model is still in its nascent stage of evolution. Both insurers and bankers have not done enough to evolve hybrid products.

A fixed term policy that combines savings with life cover, this is best suited for people who want to accumulate funds on a regular basis while enjoying insurance protection. On maturity the policy holder gets an extended term insurance cover for five years after the maturity date of the policy for 50% of the sum assured without having to pay any premia for the extended term along with the full sum assured, guaranteed additions and vested bonuses (During the tenure of extended life cover, no rider benefits are available)

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